Perry Mazza wants to borrow $30,000 from the bank. The interest rate is 5% and the term is for 5 years. What is the amount of interest paid?

$15,000

$30,000

$1,500

$300

The amount of interest paid is $ 1,500.

Explanation:

Given that Perry Mazza wants to borrow $ 30,000 from the bank, and the interest rate is 5% and the term is for 5 years, to determine what is the amount of interest paid, the following calculation must be performed:

(30,000 x 5) / 100 = X

150,000 / 100 = X

1,500 = X

Therefore, the amount of interest paid is $ 1,500.

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